Benefits of Solar Energy
Solar energy comes with multiple perks. Let's look at a few of them.
- Reduced carbon footprint: Adopting solar is a surefire way to lower your carbon footprint and home fossil fuel dependency.
- Lowered energy bills: You can avoid the premium cost of grid-tied power by creating some electricity right where you use it. Plus, many states provide net metering which can allow you to sell your unused energy back to help pay for your energy bill.
- Better energy independence: Adding a battery storage system lets you have dependable energy during grid outages and storms.
What Solar Incentives Are Available to Oak Lawn Homeowners?
Governments and power companies often incentivize homeowners for adopting solar. Here are some of the tax credits, rebates, or other programs you could qualify for.
Incentive Type: Property Tax Incentive
Incentive Amount:
Varies
Incentive Type: Rebate Program
Website: comed.comIncentive Amount:
Appliances
Air Purifier: $50
Clothes Washer: $50
Dehumidifier: $50
Electric Clothes Dryer: $50
Freezer: $50
Refrigerator: $50
Room Air Conditioner: $25
Refrigerator/Freezer Recycling: Free pickup and $50, plus an additional $10 if recycling a room A/C at the same time
Heating & Cooling
Air Source Heat Pump: $400 - $600
Central A/C: $300 - $600
Ductless Mini-Split Heat Pump: $400
Geothermal Heat Pump: Up to $6,000/home
Furnace Blower Motor (ECM): $50 - $100
Miscellaneous
Advanced Power Strip: $10
Air Sealing: Up to $400/home
Attic Insulation: Up to $300/home
Duct Sealing: Up to $500/home
Lighting: In-store discounts, varies
Pool Pump: $275
Smart Thermostat: $100
Wall Insulation: Up to $400/home
Incentive Type: Solar Renewable Energy Credit Program
Website: icc.illinois.govIncentive Amount:
Negotiated with procurement administrators
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Oak Lawn
The cost and efficacy of solar panels often depend on which company installed them. Here are some key items to keep in mind while searching for a solar installer.
Licensing and Training
In Illinois, the state Commerce Commission issues licenses to distributed generation energy contractors, including solar contractors. Look for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar industry's most respected trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Oak Lawn
The style of solar panels you select determines how much energy you can generate. Monocrystalline panels and high-quality and cost more but give you the best performance. Polycrystalline panels produce less power, but they're worth it if you want a traditional panel style without the high cost. Thin-film panels aren't the best for large residential installations, but they are excellent accessories for non-traditional roofs.
You can also add electric car (EV) chargers and battery backup systems. These will increase your total installation cost, but they can improve your solar system's performance. Not all solar companies provide these extras, so look for a company that installs them if it's essential for you.
Most Oak Lawn homeowners choose solar systems sized for five kilowatts (kW) of electrical capacity. These systems cost about $18,800 to install, considering both parts and installation. You can see more specific solar cost information in the table.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,198 |
| Solar Polycrystalline | $935 |
| Thin-Film | $546 |
| Solar Battery | $767 |
| Solar Home EV Charger | $2,876 |
Financing Solar Energy in Oak Lawn
Solar installers offer multiple different financing options to lower your costs and increase your savings. Though some providers offer unique payment plans, the most common are cash payments, solar loans, solar leases and power purchase agreements (PPAs). Though it involves a large up-front payment, cash is the most economical choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the runner-up option. As with a car or home loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for valuable solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases allow you to pay a monthly fee to rent your panels, while a power purchase agreement lets you pay a variable rate based on only the energy you use. We generally advise against these options since you will not have ownership of your system and are disqualified from solar incentives, but they might be appropriate in particular circumstances. Look for companies that offer two or more payment plans to find the right fit for your financial needs.
The table below lists the average payback periods for different capacities of solar systems in Oak Lawn.
The IRS allows you to claim a 26% federal solar tax credit on your new solar panels, so long as you purchase it before 2032. Municipal authorities and utilities might also offer their own financing programs, incentives, and rebates that could save you more money.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.8 years |
| 2 kW | 5.5 years |
| 5 kW | 13.8 years |
| 10 kW | 27.6 years |
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Frequently Asked Questions About Solar in Oak Lawn
How much energy and money could I save per year by switching to solar?
How common is solar energy in Oak Lawn?
Should I anticipate a boost in my property value after switching to solar energy?
How can I determine my property's solar potential?
How long is a Oak Lawn solar panel's average lifespan?
What care do my solar panels need, and how often do they need it?
How can I maximize my solar array's performance?
- optimize the panels' position with your solar installer
- regularly clean your solar panels
- upgrade to a more efficient inverter trim or cut down trees in the way of your panels
- use energy-efficient appliances
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